Brent crude was on track for its third weekly gain on Friday, supported by an optimistic report from the International Energy Agency.
Still, analysts cautioned that a large glut of oil remained, with Goldman Sachs warning that US crude could saturate storage in the coming months.
US crude futures were trading at 38.64 dollars a barrel, up 80 cents from their last close, having hit a 2016 high of $38.96 earlier in the day.
Brent crude futures were at $40.65 a barrel, up 60 cents, and on track for their third weekly gain in a row.
“We expect a decision next week on imposing sanctions on these three,” said one EU diplomat.
He stressed that EU foreign ministers are not expected to decide on Monday but that a decision could come later in the week.
Reuters/NAN.
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